If You Want to Beat 'Em,
Learn From 'Em First

Your future competitors have a lot to teach you

By

Barbara Haislip

November 12, 2012

Starting a business? Take a hard look at the people who are already there.

Researching your rivals is a vital step for entrepreneurs entering a market. Finding out how much revenue they bring in, what they pay their workers and how they deal with their suppliers can show you what you need to do to stay competitive—and what missteps to avoid along the way.

Yet too many small companies don't do that homework. "Entrepreneurs...